815 ILCS 5/2.12b

Current through Public Act 103-1052

Section 815 ILCS 5/2.12b - Investment adviser representative

"Investment adviser representative" means, with respect to an investment adviser who is required to register under this Act, any partner, officer, director of (or a person occupying a similar status or performing similar functions), or other natural person employed by or associated with an investment adviser, except clerical or ministerial personnel, who in this State:

(1) makes any recommendations or otherwise renders advice regarding securities or investment products;

(2) manages accounts or portfolios of clients;

(3) determines what recommendation or advice regarding securities or investments should be given;

(4) supervises any employee who performs any of the foregoing; or

(5) solicits, refers, offers, or negotiates for the sale of, or sells, investment advisory services.

With respect to a federal covered investment adviser, "investment adviser representative" means any person who is an investment adviser representative with a place of business in this State as such terms are defined by the Securities and Exchange Commission under Section 203A of the Federal 1940 Investment Advisers Act.

815 ILCS 5/2.12b

Amended by P.A. 101-0563,§ 10, eff. 8/23/2019.

P.A. 90-70, eff. 7/8/1997; 90-667, eff. 7/30/1998; 91-809, eff. 1/1/2001.